International Comparative Research On Asset Securitization And Reference To China

As an innovative financial outside balance sheet , asset securitization takes income as the direction, and credit of assets as the basis. Since it was produced in the seventies of last century, asset securitization has already changed financial development courses of a lot of countries and regions deeply, especially to U.S.A, has initiated a series of system, market innovation and technological innovation.However, practice of asset securitization in China still stays on the paper, only has several examples of case till now, which were all in cross-border securitization. As a financial innovation to be ready to be applied in China, asset securitization will fufil extremely important functions, such as deepening the reform in financial system, vitalizing enterprises' illiquid assets, improving the mechanism of investment and financing, raising the sufficient rate of the capital of commercial banks, strengthening the ability of asset-liability management of commercial banks, training new engines of economic growth. This paper makes comparative study on asset securitization of developed countries' and regions' success in practice firstly, and then probes into the obstacles existing in our country, finally describes the concrete method to advance asset securitization of our country from such respects as the system, market, technology, in hope of accelerating the localization process in China.The paper is divided into three parts altogether. First part is reference for use. This part analyzes and compares asset securitization operation principles and developing process of the main countries and regions regard U.S.A.as the center in a systematic and overall way, points out that the setting-up of asset securitization market, as a system engineering, is a course deepened progressively which needs government, suppliers of basic assets, investors and corresponding intermediary to work in concert, and summarizes the overall thinking of development afterwards. Second part is diagnosing one. The paper analyzes thoroughly the urgency on launching asset securitization in China and the realistic obstacles. Although there are practical demands for this innovative tool in the financial institutions, capital markets and etc., because of lacking corresponding legal system supporting, effective market supply & demand and high-efficient related service system, asset securitization market in China has not been set up yet so far. Third part is practising one. Following the " realistic, innovative, sturdy principle ", fully absorbing the marrow of asset securitization overseas, the paper reaches the conclusion that the development tactics is developing step by step under the government's positive participation, the basic assets can be beginning with the home mortgage, charges on infrastructure assets, export trade account receivables, and SPV can centered upon the government organizations, and CMO is regarded as first-selected securities. Through fostering goal assets and institutional investors effectively further, thus the ultimate goal can be achieved progressively.